Written by Sarah Baskets
Investing.com – The Turkish lira is at a record low Against the dollar after President Tayyip Erdogan surprised locals and strangers Replacing the Governor of the Turkish Central Bank Due to a disagreement with him after the last rate hike he made recently this weekend.
It traded at 8.10 against the dollar this morning, down 11% from its closing price on Friday. It was down 14.9% to 8.4850 from 8.5800.
Investors fear that what is happening in Turkey will hit other markets, Because “there are other markets that are not in the same position as Turkey and are growing, which may face profits. It is a moment that invites us to reconsider the strategy, because the cycle towards the currencies of the most profitable emerging markets is likely to persist, ”he assured. CNBC Masafumi Yamamoto, chief monetary strategist for Misuho (D 🙂 bonds.
Fluctuations are expected with the entry of many more investors after this Monday weekend. The new Turkish governor must revolve around the hawk and hereditary vision that has been carried out so far to combat inflation.
With a strong presence in Turkey, focus on PPVA
Connectivity experts say the sharp fall in the Turkish lira would be in line with the behavior of PPVA (MC :), which has a strong presence in the Asian country.
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